Undrawn Availability at Closing Clause Samples
The "Undrawn Availability at Closing" clause defines the amount of credit or funds that remain accessible to a borrower at the time a financial transaction is finalized, but have not yet been drawn down. In practice, this clause specifies the minimum or required level of undrawn funds that must be available under a credit facility when the deal closes, ensuring the borrower has sufficient liquidity post-closing. Its core function is to guarantee that the borrower retains access to necessary financing immediately after closing, thereby supporting ongoing operations and reducing the risk of immediate cash shortfalls.
Undrawn Availability at Closing. Agent shall have received evidence satisfactory to it to the effect that after giving effect to the making of the Initial Advances hereunder, Borrower shall have on the Original Closing Date Undrawn Availability of at least One Million Dollars ($1,000,000), it being agreed that such requirement shall only apply on the Original Closing Date and not thereafter;
Undrawn Availability at Closing. Lender shall have received evidence satisfactory to it to the effect that after giving effect to the making of the initial Advances hereunder, the imposition of all Availability Reserves under the Borrowing Base, the payment of all closing costs associated therewith (regardless whether required to be paid on the Closing Date) and the bringing current of all trade accounts payable (if any) more than sixty (60) days past due, Borrowers shall have Undrawn Availability of at least One Million Five Hundred Thousand Dollars ($1,500,000);
Undrawn Availability at Closing. Agent shall have received evidence satisfactory to it that after giving effect to the making of the initial Revolver Loans being made and/or issued under the Revolver Loan Agreement and the payment of all closing costs associated therewith (regardless whether required to be paid on the Closing Date), Borrowers shall have Undrawn Availability of at least Six Million Dollars ($6,000,000) on the Closing Date;
Undrawn Availability at Closing. Lender shall have received evidence satisfactory to it to the effect that after giving effect to the making of the initial Advances hereunder, Borrower shall have on the Closing Date Undrawn Availability of at least One Million Dollars ($1,000,000), it being agreed that such requirement shall only apply on the Closing Date and not thereafter;